President Vladimir Putin signed the law on the digital ruble, the document is published on the website of legal acts.
Now in Russia there are two forms of the ruble — cash and non-cash. The digital ruble will become its third form.
As the Central Bank explains, special wallets will be created for digital rubles. These wallets will be opened on the platform of the Central Bank. All transactions with digital rubles will be carried out through this platform.
At the same time, citizens will be able to use them in the usual mobile applications of banks, but the wallet for digital rubles will not be tied to any particular bank. To pay for goods, you will need to scan a QR code at the checkout or put your phone to the terminal. The Central Bank promises that the digital ruble will work even without the Internet.
The Central Bank will issue digital rubles, just like it issues cash. Liabilities for digital rubles will also fall on the Central Bank. This distinguishes digital rubles from cryptocurrencies, which are supported only by the interest of the society that uses them.
Technically, the digital ruble is a code. Digital rubles will have their own marking, which will allow you to track their movement. You cannot buy a digital ruble, you can only transfer rubles from another form into it. It will not earn interest or cashback. It will not have its own course.
The law will enter into force on August 1, 2023.